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#731
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Redouble efforts to realize welfare goals: Naif
JEDDAH: Crown Prince Naif, deputy premier and minister of interior, has commended a comprehensive report prepared by the Makkah governorate highlighting the progress of development projects in the region during the period 2007-2010. He said it was an important step on the road to activate the role of the Provincial Council and local councils in other areas. "I would like you to double your efforts in achieving the aspirations of Custodian of the Two Holy Mosques King Abdullah for the welfare and prosperity of all citizens," Prince Naif said in a cable to Makkah Gov. Prince Khaled Al-Faisal. He thanked Prince Khaled and all those who participated in the preparation and compilation of the report and said it contained detailed information about development projects in Makkah. Prince Naif chaired a meeting of the Makkah Provincial Council on June 19, where he witnessed a presentation on the implementation of the development projects in the region. The presentation included information about delayed projects, the reasons behind the delay, and means of rectifying it. Prince Khaled had asked Abdul Aziz Al-Khodairy, undersecretary at the governorate, to lead a work team consisting of 1,700 people to carefully study the implementation of the projects during the first phase of his tenure. The team consisted of representatives from the government and private sector in addition to civil society organizations, university teachers and qualified young men and women. The report also revealed the future development projects that will focus on the development of human resources in the province during the next four years. It said a center for the follow-up of projects would be established at the governorate in addition to a permanent team consisting mainly of Saudi citizens. According to the report, a total of 3,600 projects were scrutinized to check whether they were being implemented perfectly or delayed. It said there were 880 municipal projects constituting about 39 percent of the total number of projects followed by the educational sector, which had 469 projects with a ratio of 21 percent. According to the report, there were 238 service projects, 233 health projects, 114 basic infrastructure projects, 60 transport and 44 economic projects. The report said the execution of 319 projects, worth SR44 billion and representing about 13 percent, was delayed, while work on about 5 percent of the projects valued at SR600 million was halted. It said most of the unfinished projects were in the sectors of health and education. Source: Arab News
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#732
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Saudi Arabia makes gas discovery in Empty Quarter
Saudi oil minister Ali al-Naimi has revealed commercially viable quantities of natural gas have been discovered in the Red Sea and Empty Quarter, but ruled out plans to immediately start production, Reuters has reported. "Although we continue to explore the kingdom's oil and gas potential and resources, this does not mean we will immediately start production from the newly discovered fields, it only means determining resources available in the kingdom for future use when needed," according to a speech read by Naimi's advisor Ibrahim Muhanna in Riyadh. Source: Ame Info
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#733
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Saudi Arabia could export power when nuclear reactors are built
King Abdullah City of Atomic and Renewable Energy (KACARE) has said Saudi Arabia may export electricity to its neighbours after building nuclear reactors planned over the next 20 years, Bloomberg has reported. "We are not ruling that out, once our nuclear project is complete and we have satisfied the kingdom's demand for electricity," Khalid Al-Sulaiman, vice president of renewable energy at KACARE said at a forum in Jeddah. Source: AME Info
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#734
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Saudi to set up real estate authority soon
The Saudi cabinet is considering setting up a special authority to oversee the real estate sector in the kingdom, Saudi Gazette has reported. The proposed authority is to define the rules and responsibilities governing the sector's activities. The demand for housing in the country is among the highest in the world because of the wide gap between supply and demand in the real estate market. It is expected that SR1.3trn will be injected in the real estate sector in the kingdom during the next 10 years in order to secure over two million residential units. Source: AME Info
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#735
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Tadawul bourse 'takes a break' ends flat
Ahead of the new trading week in the West, starting on Monday, Saudi investors left the Tadawul market index Tasi unchanged at 6,169.23 points. Sabic dipped half a per cent to SR93.25. In line with the market, the largest Islamic bank Al-Rajhi Bank ended flat at SR68.50. According to the DIFC weekly economic commentary, "The Saudi banking system will be able to comply with Basel III regulatory and compliance requirements, given the current supervision environment,' as the commentary quotes Dr. Abdurrahman A. Al-Hamidy, Deputy Governor of the Saudi Arabia Monetary Agency. Source: Ame Info
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#736
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Saudi's Extra set for share sale in gloomy IPO market
Saudi Arabia is set for its worst IPO year since 2004 after political unrest and the global economic slowdown crimped companies’ expansion plans. Today’s sale by United Electronics Co won’t change that. The share sale by the electronics retailer, also known as eXtra, is the fourth this year after Saudi Integrated Telecom Co, United Wire Factories Co and Hail Cement Co. raised a combined $312m. Companies in Saudi Arabia sold shares valued at $655m last year compared with $9.6bn in 2008. Political uprisings that ousted leaders in Tunisia and Egypt and investor concern that global growth is faltering hurt regional financial markets in 2011. Saudi Arabia’s Tadawul is down 6.8 percent this year compared with a 4.9 percent gain in the same period in 2010. “You wouldn’t see a lot of people willing to sell their companies at low valuations” even if the local economy is doing well, said Fadi al Said, head of equities at ING Investment Management (Dubai). Investors are being deterred by “risk aversion and uncertainty in global economies,” he said. The six-member Gulf Cooperation Council, comprising Saudi Arabia and the United Arab Emirates, generated $219m from two IPOs in the third quarter, according to PwC Capital Markets Middle East. By contrast, the pace of IPOs in Europe has “remained relatively stable despite the market turmoil,” with 121 share sales raising $12.7bn in the period, PwC said in a report dated Nov 20. Debt restructuring in the Middle East also dented investor confidence and slowed transactions. Saudi Arabia’s Saad and Algosaibi business groups defaulted on at least $15.7bn of loans in 2009 and Dubai World roiled global markets after seeking to delay payments on $25bn of debt. “Debt restructuring was an ongoing theme since the initial crisis back in 2008 and 2009, and obviously didn’t help matters,” said Shehzad Janab, the head of asset management at Dubai-based Daman Investments. “Depressed valuations in the market is not exactly the best of times to be selling equity, which by definition is the costliest form of raising finance.” Regional companies that delayed share sales this year include Qatar Airways, the Middle East’s second-biggest carrier. Topaz Energy & Marine, a Dubai-based oil and gas services provider, pulled an IPO in London, citing “market conditions.” Still, Saudi Arabia has outperformed the Gulf in share sales in 2011. The kingdom’s economy may expand 7.5 percent this year, almost double last year’s pace, the International Monetary Fund said in April. Protests earlier this year in the eastern Shiite region failed to gain traction after King Abdullah announced a $130bn plan to build homes and create jobs. “You wouldn’t see a lot of people willing to sell their companies at low valuations” even if the local economy is doing well, said Fadi al Said, head of equities at ING Investment Management (Dubai). Investors are being deterred by “risk aversion and uncertainty in global economies,” he said. The six-member Gulf Cooperation Council, comprising Saudi Arabia and the United Arab Emirates, generated $219m from two IPOs in the third quarter, according to PwC Capital Markets Middle East. By contrast, the pace of IPOs in Europe has “remained relatively stable despite the market turmoil,” with 121 share sales raising $12.7bn in the period, PwC said in a report dated Nov 20. Debt restructuring in the Middle East also dented investor confidence and slowed transactions. Saudi Arabia’s Saad and Algosaibi business groups defaulted on at least $15.7bn of loans in 2009 and Dubai World roiled global markets after seeking to delay payments on $25bn of debt. “Debt restructuring was an ongoing theme since the initial crisis back in 2008 and 2009, and obviously didn’t help matters,” said Shehzad Janab, the head of asset management at Dubai-based Daman Investments. “Depressed valuations in the market is not exactly the best of times to be selling equity, which by definition is the costliest form of raising finance.” Regional companies that delayed share sales this year include Qatar Airways, the Middle East’s second-biggest carrier. Topaz Energy & Marine, a Dubai-based oil and gas services provider, pulled an IPO in London, citing “market conditions.” Still, Saudi Arabia has outperformed the Gulf in share sales in 2011. The kingdom’s economy may expand 7.5 percent this year, almost double last year’s pace, the International Monetary Fund said in April. Protests earlier this year in the eastern Shiite region failed to gain traction after King Abdullah announced a $130bn plan to build homes and create jobs. The plans of more Saudi companies’ to sell shares may hinge on the performance of eXtra. HSBC Holdings is managing the sale of 7.2 million shares, which have been priced at SR55 after an institutional book-building process and will open to the public today. Saudi Integrated has surged 42 percent since it started trading June, while Hail Cement gained 16 percent and United Wire Factories, a metal-wire producer that began trading in August, advanced 11 percent. Saudi Enaya Cooperative Insurance Co seeks to offer shares from Dec. 19, while Najran Cement Co. may sell stock in the first quarter. ACWA Power International, a Saudi investor in utilities, plans an IPO by 2013. “There are many family offices who in light of the global crisis prefer to refocus on their core business and avoid dilution,” said Ahmed Talhaoui, head of asset management at Abu Dhabi-based Royal Capital. Source: Bloomberg
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#737
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Saudi media industry opening up, says Al Watan boss
Saudi Arabia's media environment is growing more open despite changes to press laws that have been criticised as restrictive by international rights groups, the prince who runs a leading pro-reform Saudi newspaper said on Sunday. "The laws with respect to media have been in evolution for the past 40-odd years and just in the 10 years that I've been involved in this industry I've seen it move forward tremendously," Prince Bandar bin Khaled al-Faisal, who is chairman of the daily Al Watan newspaper, said. Watan is seen by analysts as being towards the progressive end of the kingdom's media spectrum, featuring editorials that broadly support economic and social reforms pushed by King Abdullah and sometimes challenge conservative thinking. Amnesty International said last week in a report that the world's top oil exporter was cracking down on freedom of expression in the wake of uprisings across the Arab world. The report cited changes announced in April, when state news agency SPA reported that publications that jeopardised national stability or offended clerics faced fines or even closure under a royal decree. "The media is severely constrained and those who express dissent face arrest and imprisonment, whether political critics, bloggers or academics," said the report, which also criticised a draft of an anti-terrorism law leaked to the press in June. The Saudi embassy in London said Amnesty's report was based on inaccurate information. A 2009 US diplomatic cable released by WikiLeaks said the kingdom's press had grown steadily bolder over the past decade, thanks partly to Abdullah's efforts to push media owners to report more openly on social issues. Prince Bandar, a son of the governor of Mecca Province and a great-nephew of King Abdullah, said he believed there was no campaign under way to clamp down on media. "What you need to focus on is what is approved and what is implemented. And if you look at the track record over the past four or so decades, every single (change) that comes in has been a refinement in my point of view that has been positive," he told Reuters in Dubai. "I have no reason to suspect it would go in any other direction and, honestly, you can't take it in any other direction." Source: Reuters
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#738
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Work begins in on giant power plant project in Saudi Arabia
Saudi water and power project developer Acwa Power has announced commencement of work on the world's largest independent power generation project in Qurayyah on the eastern coast of the kingdom. The project will deliver 3,927 MW of electricity to state-controlled Saudi Electricity Co (SEC) under a 20-year Power Purchase Agreement (PPA) commencing on June 30, 2014. Once completed, the plant will be operated by The First National Operation and Maintenance Co (Nomac), a subsidiary of ACWA Power, under a long-term operation and maintenance contract, with Siemens providing parts and services for the gas turbines. Source: Ame Info
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#739
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Saudi looks to tourism to creat 230,000 jobs over next five years
The Saudi Commission for Tourism and Antiquities (SCTA) has said the country's tourism sector is expected to offer 230,000 job opportunities to Saudis over the next five years, Arab News has reported. "The tourism sector has achieved 26% Saudization which is higher than the achievement of any other sector in the kingdom," SCTA president, Prince Sultan bin Salman said. Source: Arab News
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#740
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FAMCO acquires Volvo equipment dealership in Saudi Arabia
Dubai Al Futtaim Auto and Machinery Co (FAMCO), the Al Futtaim Group’s distributor of commercial vehicles and industrial equipment, has announced the acquisition of 100 per cent shareholding of Al Rehab Equipment and Machinery Company in Saudi Arabia, the exclusive distributor for Volvo Construction Equipment in the kingdom. Support was provided by Emirates Investment Bank in Dubai, acting as financial advisers to the buyer. FAMCO, which is already the Volvo Construction Equipment distributor for the UAE, has made this move as part of its wider regional expansion programme. FAMCO’s entry into Saudi Arabia will position the construction equipment distributor to play a significant role in the kingdom’s infrastructure development. The acquisition will extend FAMCO’s reach in Saudi Arabia across five locations, with the main branch in Jeddah. New standards Len Hunt, President of Al Futtaim Automotive said: “FAMCO already has an enviable reputation in the region, but this has come solely from its development in the UAE. Now it has the opportunity to take its excellent standards to a new audience.” Volvo Construction Equipment awarded FAMCO with its Silver Partnership award last May recognising the high dealer standards in the organisation. Jonas Gardetun, Vice-President, said, “We are looking forward to working with FAMCO in Saudi Arabia, as we look to grow and increase our market share in what is a rapidly expanding market.” Paul Floyd, Managing Director of FAMCO said, “We are known in the UAE as a company that takes pride in working closely with fleet operators, providing high levels of customer service and expert advice. Now we can bring these qualities to the Saudi market where we believe we have much to offer.” Source: Gulf News
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